QuickBooks 101: How to Make Accounting Software Work for You

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If you own or work for a small business, chances are high that you’re using QuickBooks software. And with good reason. Intuit’s line of accounting products are user friendly, cost-effective and they allow small business owners to leverage countless features that deliver greater efficiency and powerful insights. But what many business owners don’t realize is that they’re probably not maximizing QuickBooks’ capabilities. This is most likely because they’re not aware of all the features available or what it takes to use those features and functions most effectively. The good news is that with the right training, business owners can take full advantage of this powerful, industry-leading accounting software. And even better news is that there are excellent local options to get you connected with the best QuickBooks training resources in Richmond, VA. But let’s start by taking a look at some of its most popular features and functions, and how, with the right training, you can make QuickBooks work for you. Controlling Cash Flow A huge number of small business owners report regularly losing sleep over cash flow concerns. That’s where QuickBooks can be a life (and sleep) saver. When properly configured and regularly updated, QuickBooks can provide business owners with up to the minute stats on metrics like sales, payables liabilities and bank balances, taking the guesswork out of earmarking sufficient funds to cover things like payroll or loan payments. QuickBooks also offers a budgeting feature which allows users to input data (and even copy prior year budgets) to create reports…

Our Favorite QuickBooks Features for Small Businesses

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QuickBooks for small business is your small business’ secret weapon. No matter what industry you’re in, bookkeeping is part and parcel of keeping the lights on, satisfying customers, and ensuring paychecks get where they’re going—including to you. But proper bookkeeping is about more than just taking care of the basics. It means thinking long-term too, from budgeting for taxes, to contingency planning for unexpected ups and downs, to laying the foundation for future growth and expansion. These tasks can seem overwhelming, but with the proper QuickBooks training, you have everything you need to handle your bookkeeping right at your fingertips. Here at Steiner Business Solutions, we train small businesses on how to get the most out of QuickBooks, from the basics of setting up to the more intricate ins and outs of what the program can do. But we don’t just train other businesses on how to use QuickBooks, we also use it ourselves. Steiner Business Solutions has been here in Richmond, VA since 2006 helping small business owners tackle the financial aspects of their business. And throughout that time, we’ve used QuickBooks to take care of our own finances. As we’ve helped other businesses find their footing and grow, QuickBooks has been an integral part of our own growth and success. Our experience with QuickBooks is why we’re so passionate about helping other business owners add this powerful tool to their toolbox. Here are some of our favorite QuickBooks features for small businesses. Connect Banking and Credit Accounts to…

Getting Started with QuickBooks – Setting It Up Correctly

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We’ve told you about QuickBooks a number of times here at Steiner Business Solutions. There’s a good reason for that. Bookkeeping is the bedrock underneath any business. Do it right, and you’ve got a strong foundation you can count on. But without it, shifts and shakes can rock your business when you least expect them. Of course, as a business owner, you’ve got more than your fair share of plates in the air, and bookkeeping has a way of swallowing time in a big way. QuickBooks takes out a lot of the hassle without skimping on quality. Simply put, it allows you to get your books in order, so you have time to dedicate to other business tasks. The key to using QuickBooks to its fullest is setting it up correctly, right from the beginning. Like just about everything concerning your business, investing a little time, energy, and focus up front will pay major dividends in the long run. We’ll say right off the bat: If you need some help, we’ve got the expertise needed for getting started with QuickBooks. But if you’re looking to dive in as soon as you finish this article, we’ve assembled some tips to help you get started on the right foot. Set Your Company Preferences Before jumping into the included tutorials, head over to your company settings. Enter in your company name and contact information, your logo, your website information—all the basics. This information will be reflected across your reports, customer invoices, and tax…

Is QuickBooks Right for My Business?

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In past posts, we’ve talked about how important “keeping the books” is for any business, new or established. By dealing with the financial aspects of your business on a consistent basis, you’ll save time and sanity, and be well prepared come tax time. Businesses that focus on tracking receipts, invoices, expenses and deductions save more money on their taxes than those businesses that leave it all for “crunch time” and often miss opportunities as they scramble to meet their deadlines. Saving time and saving money should be the only motivations you need to realize how important it is to stay on top of every aspect of your small business accounting. So what’s the best way to do that? You can, of course, develop your own methods, using spreadsheets and the like to track everything. But to effectively manage the full breadth of your accounting needs, choosing an appropriate software system is paramount. And we use the word “appropriate” intentionally. It’s not just a matter of picking the best software; it’s about picking the best software for your business. When it comes to accounting software, QuickBooks is far and away the most popular choice, serving more than 75 percent of the American small business market. And in past years, the largest area of growth for the software company has been QuickBooks Online (QBO), with many new users choosing it over QuickBooks Desktop. But how do you know if QuickBooks is right for your business? And which version should you choose? Why…

The Ultimate Cheat Sheet On QuickBooks for Small Business

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Today’s small business can effectively implement QuickBooks into their day-to-day accounting and bookkeeping practices easily. With the right QuickBooks training, it becomes possible to streamline many operations within the company – from payroll to accounts receivable. For companies in Richmond looking to jumpstart their QuickBooks efforts, consider these tips. Get the Commands Down A good place to start is with having a handy checklist of each of the most commonly used commands within QuickBooks. The best way to make the most out of this software is to be able to tell it what you need to do quickly. Here are some of the most commonly used commands and how to access them. Invoice a customer by going to “Customers” and then “Create Invoices.” To manage banking, go under the “Banking” tab. There, you can transfer funds, write checks, make deposits, or reconcile your account. Set up your Chart of Accounts and Product/Service Items by going under “Lists”. Perhaps one of the most important management tools for owners is the Profit and Loss Statement – available any time. Go to “Reports.” Then, navigate to “Company & Financial,” “Profit & Loss Standard.” It’s very easy to navigate the system. Once you get basic QuickBooks training, this becomes even easier to accomplish. How Can You Use QuickBooks to Benefit Your Company? There are many ways to achieve these goals. Here are a few quick tips to help you. Use the software to get accounts receivable invoices out to customers sooner. You can do this by going to…